Oil and gas producers are facing a “moment of truth” to adopt a shift towards clean energy or further deepen the climate crisis, an international report says.
The International Energy Agency issued a report on the future of fossil fuels and said gas and oil producers need to make “vital choices about their role in the global energy system”.
According to Bloomberg News, the special report was released before the conference of the parties to the United Nations Framework Convention on climate change (cop28), which starts in Dubai next week, laying the foundations for what the industry must do to be in line with the Paris Agreement.
The report said industrial emissions need to be reduced by 60% by 2030 to keep global warming at an increase of 5.1 degrees Celsius, which is “just around the corner”, and emissions must be reduced by 75% to reach the goal of zero emissions by 2050.
The report added that the annual investment of USD 800 billion in the oil and gas sector is double the required to reach the climate goals by 2030.
